Credit Card Payoff Calculator
Find out how long it will take to pay off a credit card balance at your current payment, and how much interest you'll pay along the way.
Time to pay off
37 months
What Your Result Means
The time to pay off shows how many months it will take to reach a $0 balance at your current monthly payment. Total interest shows how much extra you'll pay beyond your original balance because of the APR accruing each month.
How It Is Calculated
Each month, Calqora applies your APR (divided by 12) to your remaining balance to calculate that month's interest, then subtracts your payment. This repeats until the balance reaches $0, tracking the total number of months and total interest paid.
Worked Example
A $4,000 balance at 22% APR with a $150 monthly payment takes about 33 months to pay off, with roughly $940 paid in total interest.
Important Assumptions
- Assumes no new charges are added to the balance while paying it off.
- Assumes the same fixed payment is made every month.
- Does not account for promotional 0% APR periods or balance transfer fees.
Frequently Asked Questions
- What if my payment doesn't cover the interest?
- If your monthly payment is less than or equal to the interest accruing each month, the balance will never be paid off - Calqora will flag this and ask you to enter a higher payment.
- Should I use my minimum payment?
- You can, but minimum payments are often designed to keep you in debt longer. Try entering a higher amount to see how much faster - and cheaper - payoff becomes.
Related Calculators
Methodology
This calculator simulates your balance month by month using your entered APR and payment amount. See our methodology page for details.
This calculator provides estimates for educational purposes only. Actual rates, taxes, insurance, fees, and lender terms may differ. It does not constitute financial advice - consult a qualified financial professional before making financial decisions.